CLARION UNIVERSITY OF PENNSYLVANIA OF THE STATE SYSTEM OF HIGHER EDUCATION FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION

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1 FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEARS ENDED

2 TABLE OF CONTENTS YEARS ENDED INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS BALANCE SHEETS PRIMARY INSTITUTION 3 STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION PRIMARY INSTITUTION 5 STATEMENTS OF CASH FLOWS PRIMARY INSTITUTION 6 COMBINED STATEMENTS OF FINANCIAL POSITION COMPONENT UNITS 8 COMBINED STATEMENTS OF ACTIVITIES COMPONENT UNITS 9 10 REQUIRED SUPPLEMENTARY INFORMATION SCHEDULES OF FUNDING PROGRESS FOR THE SYSTEM PLAN AND REHP (OPEB) (UNAUDITED) 49 SCHEDULES OF PROPORTIONATE SHARE OF SERS NET PENSION LIABILITY AND CONTRIBUTIONS (UNAUDITED) 50 SCHEDULES OF PROPORTIONATE SHARE OF PSERS NET PENSION LIABILITY AND CONTRIBUTIONS (UNAUDITED) 51

3 CliftonLarsonAllen LLP CLAconnect.com INDEPENDENT AUDITORS REPORT Council of Trustees Clarion University of Pennsylvania of the State System of Higher Education Clarion, Pennsylvania Report on the Financial Statements We have audited the accompanying financial statements of the business-type activities and the aggregate discretely presented component units of Clarion University of Pennsylvania of the State System of Higher Education (the University ), as of and for the years ended June 30, 2016 and 2015, and the related notes to the financial statements, which collectively comprise the University s basic financial statements as listed in the table of contents. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express opinions on these financial statements based on our audits. We did not audit the financial statements of the discretely presented component units, The Clarion Students Association (the Association ) and Clarion University Foundation (the Foundation ), which represent 100% of the assets, net assets, and revenues of the discretely presented component units. Those statements were audited by other auditors whose reports thereon have been furnished to us, and our opinion insofar as it relates to the amounts included for the discretely presented component units, is based solely on the report of the other auditors. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. (1)

4 Council of Trustees Clarion University of Pennsylvania of the State System of Higher Education We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, based on our audit and the reports of the other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the business-type activities and the aggregate discretely presented component units of the University as of June 30, 2016 and 2015, and the respective changes in financial position and, where applicable, cash flows thereof for the years then ended in conformity with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Management has omitted the Management s Discussion and Analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of the financial reporting for placing the basic financial statements in an appropriate operational, economic or historical context. Our opinion on the basic financial statements is not affected by this missing information. Accounting principles generally accepted in the United States of America require that the Schedules of Funding Progress for the System Plan and REHP (OPEB) on page 49 and the Schedules of Proportionate Share of SERS/PSERS Net Pension Liability and Contributions on pages 50 and 51 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. CliftonLarsonAllen LLP Harrisburg, Pennsylvania November 4, 2016 (2)

5 BALANCE SHEETS PRIMARY INSTITUTION ASSETS AND DEFERRED OUTFLOWS OF RESOURCES CURRENT ASSETS Cash and Cash Equivalents $ 21,734,004 $ 31,709,956 Accounts Receivable: Governmental Grants and Contracts 3,259,210 3,649,208 Students, Net of Allowance for Doubtful Accounts of $3,433,315 in 2016 and $3,970,457 in ,253,980 3,141,951 Other 445, ,808 Inventory 567, ,886 Prepaid Expenses 441, ,347 Conversion Pay Receivable 1, Loans Receivable, Net of Allowance for Doubtful Accounts of $45,290 in 2016 and $7,000 in , ,277 Interest Income Receivable 22,376 29,740 Due from Component Units 794, ,898 Other Current Assets 185,254 46,376 Total Current Assets 30,043,104 41,246,082 NONCURRENT ASSETS Conversion Pay Receivable 2,880 5,219 Loans Receivable, Net of Allowance for Doubtful Accounts of $-0- in 2016 and , ,609 Capital Assets, Net 64,624,721 57,302,514 Total Noncurrent Assets 64,817,173 57,570,342 Total Assets 94,860,277 98,816,424 DEFERRED OUTFLOWS OF RESOURCES 11,601,786 4,060,473 Total Assets and Deferred Outflows of Resources $ 106,462,063 $ 102,876,897 See accompanying Notes to Financial Statements. (3)

6 BALANCE SHEETS PRIMARY INSTITUTION (CONTINUED) LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION CURRENT LIABILITIES Accounts Payable and Accrued Expenses: Supplies and Services $ 1,908,499 $ 2,156,784 Employees 5,698,166 5,521,528 Other 546, ,250 Unearned Revenue 2,885,596 2,823,385 Accrued Interest Payable 16,498 20,782 Students' Deposits 158,864 41,500 Current Portion of Workers' Compensation 182, ,805 Current Portion of Compensated Absences 148, ,375 Current Portion of Capital Lease Obligations 113, ,420 Current Portion of Bonds Payable, Net 1,690,363 1,731,874 Due to System, Academic Facilities Renovation Bond Program (AFRP) 311, ,238 Due to Component Units 2,664, ,825 Other Current Liabilities 418, ,840 Total Current Liabilities 16,743,157 14,680,606 NONCURRENT LIABILITIES Unearned Revenue 70,640 - Workers' Compensation 343,974 94,663 Compensated Absences 6,431,007 6,669,176 Postretirement Benefits 68,630,006 65,428,312 SERS Net pension Liability 56,524,838 49,920,643 PSERS Net pension Liability 2,043,516 1,148,600 Capital Lease Obligations 256, ,189 Bonds Payable, Net 7,416,647 9,037,499 Due to System, AFRP 1,278,153 1,764,765 Other Noncurrent Liabilities 497, ,774 Total Noncurrent Liabilities 143,492, ,950,621 Total Liabilities 160,235, ,631,227 DEFERRED INFLOWS OF RESOURCES 1,895, ,530 NET POSITION Net Investment in Capital Assets 53,628,557 44,055,385 Restricted for: Nonexpendable: Other 58,551 - Expendable: Scholarships and Fellowships 339, ,866 Research (25,112) (25,112) Capital Projects 2,550,508 2,248,220 Other 3,927,451 3,409,597 Unrestricted (116,148,504) (97,482,816) Total Net Position (55,669,431) (47,456,860) Total Liabilities, Deferred Inflows of Resources, and Net Position $ 106,462,063 $ 102,876,897 See accompanying Notes to Financial Statements. (4)

7 STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION PRIMARY INSTITUTION YEARS ENDED OPERATING REVENUES Tuition and Fees $ 49,251,564 $ 49,846,553 Less: Scholarship Discounts and Allowances 12,430,066 12,110,768 Net Tuition and Fees 36,821,498 37,735,785 Governmental Grants and Contracts: Federal 4,082,670 3,857,734 State 6,378,807 6,404,133 Local - 58,274 Nongovernmental Grants and Contracts 250, ,431 Sales and Services of Educational Departments 5,277,345 4,233,140 Auxiliary Enterprises, Net of Scholarship Discounts and Allowances of $407,784 in 2016 and $451,154 in ,983,329 12,446,576 Other Revenues 128, ,582 Total Operating Revenues 63,921,878 65,191,655 OPERATING EXPENSES Instruction 37,577,372 36,815,454 Research 262, ,229 Public Service 7,692,398 6,994,298 Academic Support 8,823,673 9,524,438 Student Services 12,611,624 12,666,286 Institutional Support 13,096,158 13,842,273 Operations and Maintenance of Plant 7,421,983 7,973,687 Depreciation 4,982,603 4,606,869 Student Aid 4,637,162 4,428,118 Auxiliary Enterprises 9,475,680 10,591,814 Total Operating Expenses 106,581, ,658,466 NET OPERATING LOSS (42,659,335) (42,466,811) NONOPERATING REVENUES (EXPENSES) State Appropriations, General and Restricted 24,056,297 23,235,384 Commonwealth on-behalf contributions to PSERS 202, ,170 Pell Grants 7,500,991 8,265,141 Investment Income, Net of Related Investment Expense of $5,688 in 2016 and $9,951 in , ,820 Gifts for Other than Capital Purposes 1,423,907 1,181,925 Interest Expense on Capital Asset-Related Debt (321,448) (561,824) Gain (Loss) on Disposal of Assets 20,184 (5,457) Other Nonoperating Revenue 62,038 50,559 Nonoperating Revenues, Net 33,307,953 32,696,718 INCOME (LOSS) BEFORE OTHER REVENUES (9,351,382) (9,770,093) OTHER REVENUES State Appropriations, Capital 881, ,658 Capital Gifts and Grants 257, ,440 Total Other Revenues 1,138,811 1,032,098 CHANGE IN NET POSITION (8,212,571) (8,737,995) Net Position - Beginning of Year (47,456,860) 7,161,273 Restatement for July 1, 2014 Pension Liability and Related Expense - (45,880,138) Net Position - Beginning of Year, As Restated (47,456,860) (38,718,865) NET POSITION - END OF YEAR $ (55,669,431) $ (47,456,860) See accompanying Notes to Financial Statements. (5)

8 STATEMENTS OF CASH FLOWS PRIMARY INSTITUTION YEARS ENDED CASH FLOWS FROM OPERATING ACTIVITIES Tuition and Fees, Net $ 37,796,036 $ 37,708,002 Grants and Contracts 11,010,275 8,136,329 Payments to Suppliers for Goods and Services (23,167,641) (23,901,568) Payments to Employees (68,006,897) (68,698,046) Loans Issued to Students (78,560) (183,881) Loans Collected from Students 188, ,359 Student Aid (4,738,244) (4,870,889) Auxiliary Enterprise Charges 11,178,528 12,443,649 Sales and Services of Educational Departments 5,287,042 6,616,365 Other Receipts 863,794 75,401 Net Cash Used by Operating Activities (29,667,453) (32,536,279) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES State Appropriations 24,056,297 23,235,384 Gifts for Other than Capital Purposes 1,423,907 1,181,925 Plus, Stafford, and Other Loans Receipts (Non-Perkins) 46,160,394 45,462,789 Plus, Stafford, and Other Loans Disbursements (Non-Perkins) (46,160,394) (45,462,789) Pell Grants 7,500,991 8,265,141 Other 62,038 50,559 Net Cash Provided by Noncapital Financing Activities 33,043,233 32,733,009 CASH FLOWS FROM CAPITAL FINANCING ACTIVITIES Proceeds from Capital Debt and Leases 1,994,527 - Capital Appropriations 881, ,658 Capital Gifts and Grants Received 257, ,440 Proceeds from Sales of Capital Assets 20,184 - Purchases of Capital Assets (12,304,810) (6,932,623) Principal Paid on Capital Debt and Leases (4,081,234) (1,930,000) Interest Paid on Capital Debt and Leases (489,990) (671,991) Net Cash Used by Capital Financing Activities (13,722,512) (8,502,516) CASH FLOWS FROM INVESTING ACTIVITIES Interest on Investments 370, ,642 DECREASE IN CASH AND CASH EQUIVALENTS (9,975,952) (7,879,144) Cash and Cash Equivalents - Beginning of Year 31,709,956 39,589,100 CASH AND CASH EQUIVALENTS - END OF YEAR $ 21,734,004 $ 31,709,956 See accompanying Notes to Financial Statements. (6)

9 STATEMENTS OF CASH FLOWS PRIMARY INSTITUTION (CONTINUED) YEARS ENDED RECONCILIATION OF NET OPERATING LOSS TO NET CASH USED BY OPERATING ACTIVITIES Net Operating Loss $ (42,659,335) $ (42,466,811) Adjustments to Reconcile Net Operating Loss to Net Cash Used by Operating Activities: Depreciation Expense 4,982,603 4,606,869 Expenses Paid by Commonwealth or Donor 202, ,170 Changes in Assets and Liabilities: Receivables, Net 1,277,969 (85,432) Inventories 6,056 (73) Other Assets (98,641) (949,158) Accounts Payable 1,364, ,950 Unearned Revenue 132,851 70,462 Students' Deposits 117,364 (16,264) Compensated Absences (312,930) (145,390) Loans to Students and Employees 109,654 (45,522) Other Liabilities 5,210,292 5,492,920 Net Cash Used by Operating Activities $ (29,667,453) $ (32,536,279) SUPPLEMENTAL DISCLOSURE OF NONCASH CAPITAL FINANCING ACTIVITIES Commonwealth on-behalf contributions to PSERS $ 202,568 $ 107,170 See accompanying Notes to Financial Statements. (7)

10 COMBINED STATEMENTS OF FINANCIAL POSITION COMPONENT UNITS ASSETS Cash and Cash Equivalents $ 3,792,080 $ 5,679,943 Account Receivable 187, ,528 Contributions and Pledges Receivable 881, ,938 Due from University 2,574, ,354 Prepaid Expenses 229, ,734 Investments 46,655,141 62,555,015 Capital Assets, Net 104,314,970 88,379,259 Other Assets 269, ,492 Total Assets $ 158,903,922 $ 159,110,263 LIABILITIES AND NET ASSETS LIABILITIES Accounts Payable and Accrued Expenses $ 1,554,178 $ 578,791 Deferred Revenue 544, ,418 Interest Payable 1,679,711 1,565,971 Annuity Liabilities 2,231,043 2,253,169 Due to University 792, ,416 Deposits Payable 438, ,641 Long-Term Debt 105,363, ,431,177 Total Liabilities 112,604, ,518,583 NET ASSETS Unrestricted 14,973,528 14,044,245 Temporarily Restricted 12,059,325 13,989,323 Permanently Restricted 19,266,252 18,558,112 Total Net Assets 46,299,105 46,591,680 Total Liabilities and Net Assets $ 158,903,922 $ 159,110,263 See accompanying Notes to Financial Statements. (8)

11 COMBINED STATEMENTS OF ACTIVITIES COMPONENT UNITS YEARS ENDED CHANGES IN UNRESTRICTED NET ASSETS REVENUES AND OTHER ADDITIONS Contributions $ 219,562 $ 238,887 Sales and Service 244, ,222 Student Fees 1,769,594 1,827,243 Grants and Contracts 1,054,835 1,034,835 Rental Income 4,536,935 3,534,458 Investment Income 156, ,517 Gain on Sale of Equipment 19,128 - Realized and Unrealized Gain (Loss) on Investments (187,634) 62,381 Trustee Fees 247, ,832 Other Revenues and Gains 65, ,533 Net Assets Released from Restrictions 1,698,093 1,456,033 Total Revenues and Other Additions 9,825,531 8,938,941 EXPENSES AND OTHER DEDUCTIONS Program Services: Scholarships/Grants 1,227, ,581 Student Activities and Programs 2,215,794 2,298,648 University Stores 273, ,889 Housing 3,067,675 2,396,292 Other University Support 125,000 - Management and General 1,226,579 1,131,872 Fundraising 648, ,142 Other Expenses and Losses - 1,065,011 Total Expenses and Other Deductions 8,784,905 8,739,435 Increase in Unrestricted Net Assets before Reclassification 1,040, ,506 Reclassification (111,343) 32,545 Increase in Unrestricted Net Assets 929, ,051 CHANGES IN TEMPORARILY RESTRICTED NET ASSETS Contributions 595, ,897 Sales and Services (Project Income) 180, ,201 Rental Income (68,008) (53,925) Investment Income 592, ,312 Realized Gain on Investments 40, ,893 Unrealized Gain (Loss) on Investments (964,632) 164,571 Trustee Fees (247,524) (213,832) Adjustment of Actuarial Liability for Annuities Payable (189,428) (172,676) Other Revenues and Gains 88,750 32,212 Net Assets Released from Restrictions (1,698,093) (1,456,033) Decrease in Temporarily Restricted Net Assets before Reclassification (1,669,385) (5,380) Reclassification (260,613) (185,032) Decrease in Temporarily Restricted Net Assets (1,929,998) (190,412) CHANGES IN PERMANENTLY RESTRICTED NET ASSETS Contributions 351, ,738 Investment Income 19,092 20,374 Unrealized Gain (Loss) on Investments (33,969) 3,316 Increase in Permanently Restricted Net Assets before Reclassification 336, ,428 Reclassification 371, ,487 Increase in Permanently Restricted Net Assets 708, ,915 CHANGE IN NET ASSETS (292,575) 635,554 Net Assets - Beginning of Year 46,591,680 45,956,126 NET ASSETS - END OF YEAR $ 46,299,105 $ 46,591,680 See accompanying Notes to Financial Statements. (9)

12 NOTE 1 NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Clarion University of Pennsylvania of the State System of Higher Education (the University ), a public four year institution located in Clarion, Pennsylvania, was founded in The University is one of fourteen universities of Pennsylvania s State System of Higher Education (State System). The State System was created by the State System of Higher Education Act of November 12, 1982, P. L. 660, No. 188, as amended (Act 188). The State System is a component unit of the Commonwealth of Pennsylvania (the Commonwealth). Reporting Entity The University functions as a Business-Type Activity, as defined by the Governmental Accounting Standards Board (GASB). The University has determined The Clarion Students Association (the Association ) and The Clarion University Foundation (the Foundation ) should be included in the University s financial statements as discretely presented component units. A component unit is a legally separate organization for which the primary institution is financially accountable or closely related. The Association is a legally separate, tax-exempt entity, which provides services and promotes and supports educational, cultural and recreational activities for the students of the University. Although the University does not control the resources of the Association, the activities of the Association are solely for the benefit of the University and its students. Because these resources are held by the Association and can only be used to benefit the University and its students, the Association is considered a component unit of the University and is discretely presented in the University s financial statements. The University received payments from the Association of $1,062,446 during the thirteen months ended June 30, 2016 and $993,393 during the fiscal year ended May 31, The 2016 financial activity of the Association is presented as of and for the thirteen months ended June 30, 2016 and the 2015 financial activity is presented as of and for the year ended May 31, During 2016, the Clarion Students Association (the Association ) changed its fiscal year end to June 30 from May 31. The Foundation is a legally separate, tax-exempt entity, which acts primarily as a fundraising organization to supplement the resources that are available to the University in support of its programs. Although the University does not control the timing or amount of receipts from the Foundation, the majority of resources, or income thereon, that the Foundation holds are restricted to activities of the University by the donors. Because these restricted resources held by the Foundation can only be used by, or for the benefit of the University, the Foundation is considered a component unit of the University and is discretely presented in the University s financial statements. The University received payments from the Foundation of $1,985,420 and $1,189,146 during the fiscal years ended June 30, 2016 and 2015, respectively. The financial activity of the Foundation is presented as of and for the years ended June 30, 2016 and Complete financial statements for the Association and the Foundation may be obtained at the University s administrative office. (10)

13 NOTE 1 NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Measurement Focus, Basis of Accounting and Basis of Presentation The accompanying financial statements have been prepared using the economic resources measurement focus and the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America, as prescribed by GASB. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements have been met. The accompanying financial statements of the component units, which are all private nonprofit organizations, are reported in accordance with Financial Accounting Standards Board (FASB) requirements, including FASB Codification Section , Presentation of Financial Statements. As such, certain revenue recognition criteria and presentation features are different from GASB revenue recognition criteria and presentation features. No modifications for these differences have been made to the component units financial information presented herein. Operating Revenues and Expenses Operating revenues of the University consist of tuition, all academic, instructional, and other student fees, grants and contracts, sales and services of educational activities and auxiliary enterprise revenues. In addition, governmental and private grants and contracts in which the grantor receives equal value for the funds given to the University are recorded as operating revenue. All expenses, with the exception of interest expense, loss on the disposal of assets, and extraordinary expenses are recorded as operating expenses. Appropriations, gifts, interest, capital grants, parking and library fines, and governmental and private research grants and contracts in which the grantor does not receive equal value for the funds given to the University are reported as nonoperating revenue. Deferred Outflows and Deferred Inflows of Resources The balance sheet reports separate sections for Deferred Outflows of Resources and Deferred Inflows of Resources. Deferred Outflows of Resources, reported after Total Assets, is defined by GASB as a consumption of net position that applies to future periods. The expense is recognized in the applicable future period(s). Deferred Inflows of Resources, reported after Total Liabilities, is defined by GASB as an acquisition of net position that applies to future periods. The revenue is recognized in the applicable future period(s). Transactions are classified as deferred outflows of resources or deferred inflows of resources only when specifically prescribed by GASB standards. (11)

14 NOTE 1 NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Deferred Outflows and Deferred Inflows of Resources (Continued) The University is required to report the following as Deferred Outflows of Resources or Deferred Inflows of Resources: Deferred gain or loss on bond defeasance, which results when the carrying value of a defeased bond is greater or less than its reacquisition price. The difference is deferred and amortized over the remaining life of the old bond or the life of the new bond, whichever is shorter. For defined benefit pension plans: the difference between expected (actuarial) and actual experience, changes in actuarial assumptions, net difference between projected (actuarial) and actual earnings on pension plan investments, changes in the University s proportion of expenses and liabilities to the pension as a whole, differences between the University s pension contributions and its proportionate share of contributions, and University pension contributions subsequent to the pension valuation measurement date. Net Position Net position is the residual of Assets, plus Deferred Outflows of Resources, less Liabilities, less Deferred Inflows of Resources. The University maintains the following classifications of net position: Net investment in capital assets: Capital assets, net of accumulated depreciation and outstanding principal balances of debt attributable to the acquisition, construction, repair, or improvement of those assets. Restricted - Nonexpendable: The portion of net position subject to externally imposed conditions requiring that the University maintain them in perpetuity. Restricted Expendable: The portion of net position whose use is subject to externally imposed conditions that can be fulfilled by the actions of the University or by the passage of time. Unrestricted: All other categories of net position. Unrestricted net position may be designated for specific purposes by the University s Council of Trustees. When both restricted and unrestricted funds are available for expenditure, the decision as to which funds are used first is left to the discretion of the University. Cash Equivalents The University considers all demand and time deposits, money market funds and overnight repurchase agreements to be cash equivalents. (12)

15 NOTE 1 NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Accounts and Loans Receivable Accounts and loans receivable consist of tuition and fees charged to current and former students, amounts due from federal and state governments in connection with reimbursements of allowable expenditures made pursuant to grants and contracts and other miscellaneous sources. Accounts and loans receivable are reported at net realizable value. Accounts are written off when they are determined to be uncollectible based upon management s assessment of individual accounts. The allowance for doubtful accounts is estimated based upon the University s historical losses and periodic review of individual accounts. Inventory Inventory consists of maintenance supplies and is stated at the lower of cost or market, with cost determined principally on the weighted average method. Capital Assets Land and buildings at the University s campus acquired or constructed prior to the creation of the State System on July 1, 1983, are owned by the Commonwealth and made available to the University. Since the University neither owns such assets nor is responsible to service associated bond indebtedness, no value is ascribed thereto in the accompanying financial statements. Likewise, no value is ascribed to the portion of any land or buildings acquired or constructed utilizing capital funds appropriated by the Commonwealth after June 30, 1983, and made available to the University. Buildings, equipment and furnishings acquired or constructed by the University after June 30, 1983, through the expenditure of University funds or the incurring of debt, are stated at cost less accumulated depreciation, calculated using the straight-line method. All assets with a purchase cost, or fair value if acquired by gift, in excess of $5,000 with an estimated useful life of two years or greater are capitalized. All library books are capitalized. Assets under capital leases we recorded at the lower of the present value of the minimum lease payments or the fair value of the asset. Amortization of assets under capital lease is included in deprecation. Normal repair and maintenance expenditures are not capitalized because they neither add to the value of the property nor materially prolong its useful life. Impairment of Capital Assets Management reviews capital assets for impairment whenever events or changes in circumstances indicate that the service utility of an asset has declined significantly and unexpectedly. Any write-downs due to impairment are charged to operations at the time impairment is identified. No write-down of capital assets was required for the years ended June 30, 2016 and (13)

16 NOTE 1 NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Unearned Revenue Unearned revenue includes amounts received for tuition and fees, grants, corporate sponsorship payments and certain auxiliary activities prior to the end of the fiscal year but related to the subsequent accounting period. Compensated Absences Employees right to receive annual leave and sick leave payments upon termination or retirement for services already rendered is recorded as a liability. Pension Plans Employees of the University enroll in one of three available retirement plans immediately upon employment. The Commonwealth of Pennsylvania State Employees Retirement System (SERS) and the Public School Employees Retirement System (PSERS) are governmental cost-sharing multiple-employer defined benefit plans. The Alternative Retirement Plan (ARP) is a defined contribution plan administered by the State System. Scholarships and Waivers In accordance with a formula prescribed by the National Association of College and University Business Officers (NACUBO), the University allocates the cost of scholarships, waivers, and other student financial aid between Scholarship discounts and allowances (netted against tuition and fees) and Student aid expense. Scholarships and waivers of room and board fees are reported in Auxiliary enterprises. The cost of tuition waivers granted to employees is reported as employees benefits expense. Income Taxes The University, as a member of the State System, which is a political subdivision of the Commonwealth, is exempt from federal income taxes under Section 115(1) of the Internal Revenue Code. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Financial Statement Reclassifications Certain amounts in the prior period presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net position or changes therein. (14)

17 NOTE 1 NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) New Accounting Standards In 2015, the University implemented GASB Statement No. 68, Accounting and Financial Reporting for Pensions, and Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date. Statements No. 68 and 71 require the University to report its share of the defined benefit pension liabilities and expense, as well as the related deferred outflows of resources and deferred inflows of resources, allocated to it by the Commonwealth of Pennsylvania State Employees Retirement System (SERS) and Public School Employees Retirement System (PSERS). The July 1, 2014, balance of the net pension liability and related deferred outflows of resources and deferred inflows of resources is reported in the Statement of Revenues, Expenses, and Changes in Net Position as a restatement to the 2015 Net position beginning of year. SERS and PSERS were not able to provide sufficient information to restate the June 30, 2014, financial statements Net Position - Beginning of Year, as Initially Restated $ 7,161,273 July 1, Balance of Net Pension Liability and Related Deferred Outflows of Resources and Deferred Inflows of Resources (45,880,138) Net Position - Beginning of Year, as Restated $ (38,718,865) The University has implemented GASB Statement No. 72, Fair Value Measurement and Application. This statement addresses accounting and financial reporting issues related to fair value measurements. In accordance with Statement No. 72, the State System has classified its investments as Level 1, Level 2, or Level 3, to indicate the degree of certainty around the assets underlying values (Note 4). In June 2015, GASB issued Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, and Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions. These statements establish new accounting and financial reporting requirements for governments whose employees are provided with OPEB (other postemployment benefits), as well as for certain nonemployer governments that have a legal obligation to provide financial support for OPEB provided to the employees of other entities. These statements will require the University to record its postretirement health care liability in its entirety: in its most recent actuarial valuation dated July 1, 2014 the University s accrued postretirement health care liability, as calculated by the actuaries, was $74,749,421, but under current GASB requirements, the amount recorded on the balance sheet as a liability was $68,630,006. The University expects that the amount recorded on the balance sheet as a postretirement health care liability will increase when Statement No. 75 is implemented, but the amount cannot be calculated until a new actuarial valuation is performed under the new standards. (15)

18 NOTE 1 NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) New Accounting Standards (Continued) Furthermore, Statement No. 75 will require that the University record the liability for its employees who participate in the Commonwealth s Retired Employees Health Plan (REHP). Under current GASB standards, the University does not report a share of the REHP s unfunded liability since the REHP is a multiple-employer cost-sharing plan administered by the Pennsylvania Employee Benefits Trust Fund (PEBTF). The amount that the University will have to record as its share of the liability when Statement No. 75 becomes effective is unknown; however, the amount is expected to have a material negative effect on the University s balance sheet. The provisions in Statement No. 74 are effective for fiscal years beginning after June 15, 2016; the provisions in Statement No. 75 are effective for fiscal years beginning after June 15, In December 2015, GASB issued Statement No. 78, Pensions Provided through Certain Multiple-Employer Defined Benefit Pension Plans. Statement No. 78 excludes certain pensions from the provisions of Statement No. 68, Accounting and Financial Reporting for Pensions. The University has determined that Statement No. 78 does not apply to its pension plans and has no effect on its financial statements. In December 2015, GASB issued Statement No. 79, Certain External Investment Pools and Pool Participants. Statement No. 79 applies to arrangements that commingle the moneys of more than one legally separate entity and invest on the participants behalf in an investment portfolio. The University has determined that Statement No. 79 does not apply to its investments and has no effect on its financial statements. In June 2016, GASB issued Statement No. 80, Blending Requirements for Certain Component Units an amendment of GASB Statement No. 14. Statement No. 80 requires blending of a component unit incorporated as a not-for-profit corporation in which the primary government (university) is the sole corporate member. The University has determined that Statement No. 80 does not apply to its component units and has no effect on its financial statements. In March 2016, GASB issued Statement No. 81, Irrevocable Split-Interest Agreements. Statement No. 81 provides recognition and measurement guidance for gifts received from donors who have transferred the gifts to an intermediary to hold and administer for the government (university) and at least one other beneficiary. An example of a split-interest agreement is a charitable remainder trust. The provisions in Statement No. 81 are effective for reporting periods beginning after December 15, The University has determined that Statement No. 81 does not apply and has no effect on its financial statements. In March 2016, GASB issued Statement No. 82, Pension Issues an amendment of GASB Statements No. 67, No. 68, and No. 73. Statement No. 82 addresses technical issues related to previous GASB guidance on pensions. The University has determined that Statement No. 82 will have no effect on its financial statements. (16)

19 NOTE 2 CONDENSED COMPONENT UNITS INFORMATION The following represents combining condensed statement of financial position information for the component units as of June 30, 2016: Association Foundation Total Due from University $ - $ 2,574,712 $ 2,574,712 Capital Assets, Net 125, ,189, ,314,970 Investments 2,146,141 44,509,000 46,655,141 Other Assets 2,110,189 3,248,910 5,359,099 Total Assets $ 4,382,239 $ 154,521,683 $ 158,903,922 Due to University $ - $ 792,670 $ 792,670 Long-Term Debt - 105,363, ,363,730 Other Liabilities 838,621 5,609,796 6,448,417 Total Liabilities $ 838,621 $ 111,766,196 $ 112,604,817 Net Assets: Unrestricted $ 3,325,751 $ 11,647,777 $ 14,973,528 Temporarily Restricted 24,918 12,034,407 12,059,325 Permanently Restricted 192,949 19,073,303 19,266,252 Total Net Assets $ 3,543,618 $ 42,755,487 $ 46,299,105 The following represents combining condensed statement of financial position information for the component units as of June 30, 2015: Association Foundation Total Due from University $ - $ 622,354 $ 622,354 Capital Assets, Net 185,759 88,193,500 88,379,259 Investments 2,208,781 60,346,234 62,555,015 Other Assets 2,118,977 5,434,658 7,553,635 Total Assets $ 4,513,517 $ 154,596,746 $ 159,110,263 Due to University $ - $ 970,416 $ 970,416 Long-Term Debt - 106,431, ,431,177 Other Liabilities 871,617 4,245,373 5,116,990 Total Liabilities $ 871,617 $ 111,646,966 $ 112,518,583 Net Assets: Unrestricted $ 3,389,128 $ 10,655,117 $ 14,044,245 Temporarily Restricted 25,854 13,963,469 13,989,323 Permanently Restricted 226,918 18,331,194 18,558,112 Total Net Assets $ 3,641,900 $ 42,949,780 $ 46,591,680 (17)

20 NOTE 2 CONDENSED COMPONENT UNITS INFORMATION (CONTINUED) The following represents combining statement of activities for the component units for the year ended June 30, 2016: Association Foundation 2016 Total Changes in Unrestricted Net Assets Revenues and Other Additions: Contributions $ - $ 219,562 $ 219,562 Sales and Service 244, ,976 Student Fees 1,769,594 1,769,594 Grants and Contracts - 1,054,835 1,054,835 Rental Income (net of expenses) - 4,536,935 4,536,935 Investment Income 81,331 75, ,714 Gain on Sale of Equipment - 19,128 19,128 Realized Gain (Loss) on Investments (16,166) - (16,166) Unrealized Gain (Loss) on Investments (97,648) (73,820) (171,468) Trustee Fees - 247, ,524 Other Revenues and Gains 12,690 53,114 65,804 Net Assets Released from Restrictions - 1,698,093 1,698,093 Total Revenues and Other Additions 1,994,777 7,830,754 9,825,531 Expenses and Other Deductions: Program Services: Scholarships/Grants - 1,227,160 1,227,160 Student Activities and Programs 1,483, ,386 2,215,794 University Stores 273, ,951 Housing - 3,067,675 3,067,675 Other Programs - 125, ,000 Management and General 319, ,692 1,226,579 Fundraising - 648, ,746 Total Expenses and Other Deductions 2,077,246 6,707,659 8,784,905 Increase (Decrease) in Unrestricted Net Assets before Reclassification (82,469) 1,123,095 1,040,626 Reclassification 19,092 (130,435) (111,343) Increase (Decrease) in Unrestricted Net Assets (63,377) 992, ,283 (18)

21 NOTE 2 CONDENSED COMPONENT UNITS INFORMATION (CONTINUED) Association Foundation 2016 Total Changes in Temporarily Restricted Net Assets Contributions - 595, ,917 Sales and Services - 180, ,036 Rental Income (net of expenses) - (68,008) (68,008) Investment Income 1, , ,790 Realized Gain on Investments - 40,807 40,807 Unrealized Loss on Investments (2,051) (962,581) (964,632) Trustee Fees - (247,524) (247,524) Adjustment of Actuarial Liability - (189,428) (189,428) Other Revenues and Gains - 88,750 88,750 Net Assets Released from Restrictions - (1,698,093) (1,698,093) Decrease in Temporarily Restricted Net Assets before Reclassification (936) (1,668,449) (1,669,385) Reclassification - (260,613) (260,613) Decrease in Temporarily Restricted Net Assets (936) (1,929,062) (1,929,998) Changes in Permanently Restricted Net Assets Contributions - 351, ,061 Investment Income 19,092-19,092 Unrealized Loss on Investments (33,939) - (33,939) Increase (Decrease) in Permanently Restricted Net Assets before Reclassification (14,847) 351, ,214 Reclassification (19,092) 391, ,956 Increase (Decrease) in Permanently Restricted Net Assets (33,939) 742, ,170 DECREASE IN NET ASSETS (98,252) (194,293) (292,545) Net Assets - Beginning of Year 3,641,900 42,949,780 46,591,680 NET ASSETS - END OF YEAR $ 3,543,648 $ 42,755,487 $ 46,299,135 (19)

22 NOTE 2 CONDENSED COMPONENT UNITS INFORMATION (CONTINUED) The following represents combining statement of activities for the component units for the year ended June 30, 2015: Association Foundation 2015 Total Changes in Unrestricted Net Assets Revenues and Other Additions: Contributions $ - $ 238,887 $ 238,887 Sales and Service 283, ,222 Student Fees 1,827,243-1,827,243 Grants and Contracts - 1,034,835 1,034,835 Rental Income - 3,534,458 3,534,458 Investment Income 79,853 74, ,517 Unrealized Gain (Loss) on Investments (8,757) 71,138 62,381 Trustee Fees 213, ,832 Other Revenues and Gains (19,046) 152, ,533 Net Assets Released from Restrictions - 1,456,033 1,456,033 Total Revenues and Other Additions 2,162,515 6,776,426 8,938,941 Expenses and Other Deductions: Program Services: Scholarships/Grants - 923, ,581 Student Activities and Programs 1,537, ,896 2,298,648 University Stores 227, ,889 Housing - 2,396,292 2,396,292 Other Programs - - Management and General 287, ,567 1,131,872 Fundraising - 696, ,142 Other Expenses and Losses - 1,065,011 1,065,011 Total Expenses and Other Deductions 2,052,946 6,686,489 8,739,435 Increase in Unrestricted Net Assets before Reclassification 109,569 89, ,506 Reclassification 20,374 12,171 32,545 Increase in Unrestricted Net Assets 129, , ,051 (20)

23 NOTE 2 CONDENSED COMPONENT UNITS INFORMATION (CONTINUED) Association Foundation 2015 Total Changes in Temporarily Restricted Net Assets Contributions - 636, ,897 Sales and Services - 102, ,201 Rental Income - (53,925) (53,925) Investment Income , ,312 Realized Gain on Investments - 315, ,893 Unrealized Gain on Investments 1, , ,571 Trustee Fees (213,832) (213,832) Adjustment of Actuarial Liability - (172,676) (172,676) Other Revenues and Gains - 32,212 32,212 Net Assets Released from Restrictions - (1,456,033) (1,456,033) Increase (Decrease) in Temporarily Restricted Net Assets before Reclassification 1,485 (6,865) (5,380) Reclassification - (185,032) (185,032) Increase (Decrease) in Temporarily - Restricted Net Assets 1,485 (191,897) (190,412) Changes in Permanently Restricted Net Assets Contributions - 417, ,738 Investment Income 20,374-20,374 Unrealized Gain on Investments 3,316-3,316 Increase in Permanently Restricted Net Assets before Reclassification 23, , ,428 Reclassification (20,374) 172, ,487 Increase in Permanently Restricted Net Assets 3, , ,915 INCREASE IN NET ASSETS 134, , ,554 Net Assets - Beginning of Year 3,507,156 42,448,970 45,956,126 NET ASSETS - END OF YEAR $ 3,641,900 $ 42,949,780 $ 46,591,680 (21)

24 NOTE 3 DUE TO/FROM UNIVERSITY AND COMPONENT UNITS The reconciliation of differences in the due to/from accounts is as follows: Component Units Due from University $ 2,574,712 $ 622,354 Activity Fees Collected by the University that were Not Recorded by the Association 90,025 90,471 University Due to Component Units $ 2,664,737 $ 712,825 Component Units Due to University $ 792,670 $ 970,416 Reimbursement of Wages and Benefits Accrued by the University that were Not Recorded by the Association 2,243 10,482 University Due from Component Units $ 794,913 $ 980,898 NOTE 4 DEPOSITS AND INVESTMENTS The University predominantly maintains its cash balances on deposit with the State System. The State System maintains these and other State System funds on a pooled basis. Although the State System pools its funds in a manner similar to an internal investment pool, individual The State System entities do not hold title to any assets in the fund. The State System as a whole owns title to all assets. The University does not participate in the unrealized gains or losses on the investment pool; instead, the University holds shares equal to its cash balance. Each share has a constant value of $1, and income is allocated based on the number of shares owned. Revenue realized at the State System level is calculated on a daily basis and posted monthly to each entity s account as interest income. The University s portion of pooled funds totals $20,996,298 and $31,347,737 at June 30, 2016 and 2015, respectively. Board Policy A, Investment, authorizes The State System to invest in obligations of the U.S. Treasury, repurchase agreements, commercial paper, certificates of deposit, banker s acceptances, U.S. money market funds, municipal bonds, corporate bonds, collateralized mortgage obligations (CMOs), asset-backed securities, and internal loan funds. Restricted nonexpendable amounts and amounts designated by the Board or university trustees may be invested in the investments described above, as well as corporate equities and approved pooled common funds. For purposes of convenience and expedience, the University uses local financial institutions for activities such as cash deposits. In addition, the University may accept gifts of investments from donors as long as risk is limited to the investment itself. Restricted gifts of investments fall outside the scope of the investment policy. (22)

25 NOTE 4 DEPOSITS AND INVESTMENTS (CONTINUED) In keeping with its legal status as a system of public universities, the State System recognizes a fiduciary responsibility to invest all funds prudently in accordance with ethical and prevailing legal standards. Investment decisions are intended to minimize risk while maximizing asset value. Adequate liquidity is maintained so that assets can be held to maturity. High quality investments are preferred. Reasonable portfolio diversification is pursued to ensure that no single security or investment or class of securities or investments will have a disproportionate or significant impact on the total portfolio. Investments may be made in U.S. dollar-denominated debt of high quality U.S. and non-u.s. corporations. Investment performance is monitored on a frequent and regular basis to ensure that objectives are attained and guidelines are followed. Safety of principal and liquidity are the top priorities for the investment of the State System s operating funds. Within those guidelines, income optimization is pursued. Speculative investment activity is not allowed; this includes investing in asset classes such as commodities, futures, short-sales, equities, real or personal property, options, venture capital investments, private placements, letter stocks, and unlisted securities. The State System s operating funds are invested and reinvested in the following types of instruments with qualifications as provided. (See Board Policy A, Investment, for a complete list of and more details on permissible investments and associated qualifications.) Investment Categories United States Government Securities Repurchase Agreements Commercial Paper Municipal Bonds Corporate Bonds Collateralized Mortgage Obligations (CMOs) Asset-Backed Securities System Investment Fund Loans (University Loans and Bridge Notes) Qualifications/Moody s Ratings Requirements Together with repurchase agreements must comprise at least 20% of the market value of the fund. Underlying collateral must be direct obligations of the United States Treasury and be in the State System's or its agent's custody. P-1 and P-2 notes only, with no more than 5% and 3%, respectively, of the market value of the fund invested in any single issuer. Total may not exceed 20% of the market value of the fund. Bonds must carry long-term debt rating of A or better. Total may not exceed 20% of the market value of the fund. 15% must carry long-term debt rating of A or better; 5% may be rated Baa2 or better. Total may not exceed 20% of the market value of the fund. Must be rated Aaa and guaranteed by U.S. government. Total may not exceed 20% of the market value of the fund. Must be Aaa rated. Total may not exceed 20% of the market value of the fund, with no more than 5% invested in any single issuer. Total may not exceed 20% of the market value of the fund, and loan terms may not exceed 5 years. (23)

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